CPI(M) opposes excise duty hike on petro products

CPI(M) today castigated the government for not passing on the "full benefit" of the 55 per cent fall in global fuel prices to the people and filling its own coffers by raising taxes on petrol and diesel when their global prices were falling.
Terming as "hypocritical" government's approach to the deregulation of fuel prices, the party's Politburo asked "if the market is to determine prices as the government holds, then when the market price is down, why should the people be deprived of its full benefit?"
Noting that it was the fourth time since November last that excise duties on petrol and diesel have been hiked to bring over Rs 20,000 crore worth of revenue, it said "instead of the people benefitting from the 55 per cent decrease in global price of crude oil since June 2014, the government is exploiting the situation to fill its own coffers."

The government has made "just a token decrease keeping in mind the Delhi Assembly elections," the CPI(M) said in a statement, adding that such a step "totally exposes" the ruling BJP-led dispensation.
If the government is short of revenue, it should end giving tax concessions worth lakhs of crores of rupees to corporates, the major Left party said.
Condemning the excise duty hikes, the CPI(M) demanded that the "full benefit of the fall in global crude price be passed on to the people and that the retail prices of petrol and diesel be commensurately cut."
It also asked its units to organise protest actions on the issue.